Product metrics are a set of key performance indicators (KPIs) used to measure the success of a product.
They provide valuable insights into how well a product is performing and can help product managers and other stakeholders make data-driven decisions.
Product metrics can range from basic usage statistics to more complex measures of user engagement, retention, and revenue.
By tracking product metrics, teams can identify areas for improvement and optimize the product for better user experiences and business outcomes.
There are many different product metrics that can be tracked, but some of the most common include:
User Acquisition: This metric tracks the number of new users who have signed up for the product. It is an important indicator of the product’s marketing and outreach efforts and can help teams understand the impact of their campaigns.
Active Users: This metric measures the number of users who have engaged with the product over a specific period. It provides insight into the product’s retention and engagement rates and can help teams identify areas for improvement.
Churn Rate: This metric measures the rate at which users stop using the product over time. A high churn rate can indicate problems with user onboarding, usability, or value proposition.
Conversion Rate: This metric measures the percentage of users who complete a specific action, such as making a purchase or signing up for a premium account. It is an important indicator of the product’s effectiveness in driving revenue and achieving business objectives.
Retention Rate: This metric measures the percentage of users who continue to use the product over a specific period. It is a key indicator of the product’s stickiness and value proposition.
Revenue: This metric measures the amount of revenue generated by the product over a specific period. It provides insight into the product’s monetization strategy and can help teams optimize pricing and marketing efforts.
Net Promoter Score (NPS): This metric measures the likelihood of users to recommend the product to others. It is an important indicator of customer satisfaction and loyalty.
When selecting product metrics to track, it is important to focus on those that are most closely aligned with the product’s goals and objectives.
Each product will have its own unique set of metrics, depending on factors such as user demographics, market competition, and business model.
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I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
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